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.com/nbr. >>> in detroit, the city becomes the largest to enter bankruptcy. what happens next? >> auto makers symbol of detroit's economy sold more cars than expected in november. but can the pace of sales continue into the new year? >> and falling behind, american students are lagging other nations in reading, math and science. what changes need to be made to ensure future generations can compete in a global economy? we have that and more tonight on "nightly business report" for this tuesday, december 3rd. >>> good evening everyone and welcome. i'm tyler mathisen. remember how great the month november was for stock investors, records and consecutive weeks of gains? hold that thought because so far december has gone the other way. fast. in fact, the dow and s&p 500 today ended lower for a third straight session. logging their biggest three-day decline in two months. some on wall street say stock prices are too high and they are taking profits and there is a pull back and this is the start of it, or maybe consumer spending, soggy so far this holiday season or the fed's seeing the blowout auto sales?
the city of detroit to proceed with its bankruptcy filing and shed up to $18 billion in debt. it's the largest public bankruptcy in u.s. history. the judge turned aside challenges from unions, pension funds and retirees who stand to have benefits cut. later, retiring mayor dave bing called for all parties to work together. >> we have got to start changing the conversation and we can't think that bankruptcy is the worst thing that ever happened to us. it can help us now because it will allow us once again to deal with the things that should have been dealt with over the last 20 or 30 years. the city cannot go forward with the kind of debt and liabilities that we have on our balance sheet. >> >> ifill: detroit's emergency manager, kevin orr, has said the city is now using 40 cents of every dollar collected to pay its debts. he warns that figure could rise to 65 cents without bankruptcy relief. >> major cuts in retirement benefits for thousands of state employees, and retirees, the legislature approved a bill that also raises the state retirement age. it is the latest effort to help
and why they're under increasing pressure in states and cities facing huge debt problems. the fights are charged with more skirmishes to come in court, but this week's action may be changing the landscape. the battle over the public employee pension crunch in illinois-- the nation's worst-- came to a head yesterday, as state lawmakers voted to eliminate a $100 billion unfunded liability. it passed with bipartisan support, although the votes were close, and some were more enthusiastic than others. >> i think it's a win-win and the excuses i'm hearing from people who don't want to support it don't add up to me. >> this is hard for a lot of people in our state so it's not something that i feel joy about. >> woodruff: the measure cuts cost-of-living increases for current and future retirees and raises the retirement age for those under 45. many aren't happy about it. >> when you've been employed by the state for 20 years and you're counting on your benefits being "x" and there is a possibility that that nest egg that you've been counting on is going to be reduced as a result of pension r
city. an update on the state of plus, the pension crisis in illinois. what it means for it the rest of the nation. >> there's probably a lot of lessons to be learned from the things that illinois has done wrong here. >> and jeffrey brown looks at images of war, before, during, and after. next on "pbs newshour weekend." >> "pbs newshour weekend" is made possible by lewis b. cullman and louise hirschfeld cullman, mutual of america, judy and josh weston, citi foundation, in memory of miriam and ira d. wallach, cheryl and philip milstein family, rosalind p. walter, additional support is provided by -- and by the corporation for public broadcasting and by contributions to your pbs sto z station from viewers like you. thank you. >>> good evening. thanks for joining us. the white house said today it's met its goal of improving so that millions of americans can buy health insurance. the administration's progress and performance report said the website now works smoothly for the vast majority of people using it. it called the site stable 90% of the time and sa
from washington. >>> still ahead, how safe is your pension whether you work for a city, state or private company? >>> the price of oil moved higher for the fourth session in a row. crude prices up today more than a dollar closing at a five-week high. >>> meanwhile, opec oil meeting today decided to keep production quotas unchanged. the decision comes despite a new burst of oil production in the u.s. and the possible return of iran's oil to the market. steve has more. >> reporter: they decided to keep output levels unchanged, a lot of questions remain for 2014. with the announcement that arir is back at the top table. iran is having report with the west over nuclear issues and potentially in 2014 we could see more iranian oil come to the market. it's technically they hope to put 4 million barrels of oil on the market later in 2014, once sanctions were aid but iraq is producing 3.75, 4 million barrels a day and there are hopes nigeria and libya can produce more oil and this could lead to over surprise at some stage in 2014 but the next meeting scheduled for opec is june 11th. it
up to $10 over the next several years. what we92# seeing is in urban xd areas, certain citiesk a+m al ttj higher than lpthat. the city ofjf sea-tac just passd one, doesn't cover everyone, but airport and for hotels near the airport, the city of seattle's looking for a much higher minimum wage. what we've seen from the research on minimum wages in general is overalli] it has a tremendous boost in people's evidence shows either no impact on employment or very small. now we haven't looked at -- we haven't seen a broad-based past. wo calling for in their industry to have $15 an hour andt( aÑi unio. and it's -- it'sÑpp sensibleç!ñó demand. >> there are a number of t(stud though, that will contradict what you're saying. for example, david newmark, economics professor at u.c. t( 5% reduction in employment. there'se1 ane1 economicst( prof at university of massachusetts amherst who says if we dojf lpt a $15 an hour, it could push up fast food prices by 20%. and hurting thefájfiúsery low-i families. that a higher minimum wage ist( intended to help because they often frequent fast f
getting into their normal place of work. the city's main square was surrounded by barricades. the chant was revolution. the president's office was ringing with riot police. tonight, from inside those defenses, he gave a lengthy interview in which he appealed for calm. >> members of the government and the security services and the people on the rallies must all , he toldhe law interviewers from four different tv channels. >> but his rivals called on him to step down. foreign language] >> there is still an arab determination from the protesters thomas who say they won't go away until the president resigns -- from the protesters, who say they won't go away until the president resigns. >> we want to see a new leader and government here in the ukraine. >> i think most people will stay here. all of the ukraine is coming here. >> people are coming every day. >> it is just the beginning. >> the trigger for these protests was the president's decision to postpone ukraine's move toward the european union and away from russia. for many, especially in the western half of this divided country, that w
after president obama raised the federal minimum wage. workers in 100 u.s. cities called on corporate bosses to increase wages to as much as $15 an hour. so what will that mean for businesses and for those workers? hampton pearson has the story. >> reporter: the biggest push yet for higher pay started early this morning with protests and calls for a fast food worker raise in more than 100 cities, including very vocal disruptors in pittsburgh. in atlanta. >> make our wages supersized. >> reporter: and a large crowd on the move in detroit. mcdonalds is the primary target with calls from coast-to-coast for a super siesized minimum waf $15 an hour, more than double. >> my checks alone don't pay my rent a month. my rent is 1050, i get food stamps and i'm structuraling. >> if they pay us enough money, you know, during the process of it all for what we're doing here today and stuff, then we'll be able to make, you know, pay our bills, you know, and live a descent life and stuff. >> reporter: mcdonalds said our owner operators are committed to providing employees with opportunities to succeed
cities that are stressed fiscally so working people are in a moment here that they haven't time.n in a long gwen: is there a disconnect, david, between what michael is talking about in cities like detroit and at mcdonald's restaurants around the country and what we're seeing in the economically? >> i don't think so. i think the tide is rising, but michael's absolutely right that more and more of the goodies are going to people at the top. blankfine, the c.e.o. of goldman sachs, did an interview with "fortune magazine" and he good at country is very creating wealth but not very good at distributing it and i pickinge president was up on something and you can see municipalities raising the gapmum wage, that the between winners and loserrers is uncomfortably large. thing theher president was trying to do to close the gap, going back to the healthcare law. to people who were supposed benefit the most greatly from this are the poor. outno one was saying that loud but that was going to be one of the intended benefits. because of the flawed rollout, that changed? >> well, it's too early
neighborhoods. wells fargo and citi group had red lining. that says the city, settled minority mortgage holders with loans they couldn't afford. both banks call the charges baseless. >>> while many big banks are cautious about approving mortgages, smaller banks are swooping in. and as diana olick explains, borrowers are paying attention. >> reporter: brian is about to buy a larger home for his growing family just outside minneapolis. this is not his first foray into the mortgage process. >> i had experiences in the past with a larger lender, dealing with home purchases and i just didn't feel like a special person. i felt like a number. >> reporter: so this time he went with water stone mortgage, a small eer lender based in the midwest. >> it's a smoother process. >> reporter: brian is among a growing number of borrowers turning to non-bank lenders and community banks. their share of the market is 60% compared to 39% in 2009 according to inside mortgage finance. >> i think it's a combination of independent mortgage bankers and community banks taking advantage of niches and some larger banks e le
. >> woodruff: protests also raged for another day in ukraine's capital city. thousands of demonstrators stormed government buildings in kiev to demand integration with the european union. in turn, the country's president asked to renew talks with the e.u. and he appealed for calm. we'll have a full report from kiev and analysis from a former u.s. ambassador later in the program. china launched its first robotic mission to the moon early this morning. the jade rabbit rover aboard a landing craft blasted off atop an unmanned rocket at 1:30 a.m. the rover is expected to land on the lunar surface in mid- december. if successful, china will become the third country to soft-land a spacecraft on the moon. wall street retreated today after retailers got off to a disappointing start for the holiday season. the dow jones industrial average lost 77 points to close at 16,008. the nasdaq fell 14 points to close at 4,045. >> woodruff: still to come on the "newshour": fixing the glitches plaguing will the holiday season bring cheer to retailers? david hockney on painting with an ipad; thousands
to give up their weapons to french troops. the french patrolled the capital city today, trying to disarm rival muslim and christian fighters who killed 400 people over the weekend. we'll have a report from the c.a.r. later in the program. the prime minister of thailand called for new elections today, in the face of protests against her rule. the opposition has accused her of corruption, insisting again she must go. john sparks of "independent television news" reports from bangkok. >> reporter: protest leaders called it the day of reckoning. a time to do-or-die. when their call was answered on the streets of bangkok by more than 150,000 people. and each one seemed determined to topple the thai government. >> we've got to get them out. we're playing our last card. >> reporter: they've been at it for weeks. a rolling protest against the government of prime minister yingluck shinawatra. with demonstrators converging on government headquarters this morning, the thai prime minister made a surprise announcement. she disolved the government. >> miss yingluck who sounded shaken said let the peopl
: but the man the world most reveres wanted to be buried far from the capitol city in the village he called his home, even when politics became his life. born in the british empire, he will be buried in a distant corner of a country that is in every sense his. the man who made the miracle of modern south africa, who brought a nation with him on his long walk to freedom. though the world now mourns and presidents will visit, it is ode south africans who gain from his struggle and in finding out what this democracy looks like without him. >> woodruff: a short time ago, i spoke with lydia polgreen, johannesburg bureau chief for the "new york times." lydia polgreen, thank you for talking with us. >> my pleasure, judy. >> woodruff: how are south africans reacting today to mandela's death? are they all black and white united in their view of him? >> overwhelmingly i would say yes. today i was outside his home in an upscale suburb of johannesburg. and there were not just black and white, there were, you know, yalmke and muslim knitted prayer caps. there were young and old, people from a whole variety
station to the itth of mexico city is where was stolen. the truck taking to a storage point was seized at gun as the driver made an overnight stop. he was tied up before he was able to hit the are a hrarpl. was to ink the motive steal the vehicle. the vehicle wases are expensive mechanisms to unload heavy material. that type of theft is common from that area. why we feel the people who did this have no idea what they stole. what are the dangers? toep truck was the iso cobalt 60. can be produced as a by-product from a hospital where medical sterilization is one of uses and the other is cancer treatment by means of radio therapy. ut the great danger is a so-called dirty bomb mixing it explosives could spread radioactive material over a large area. has a powerful emitter so if were you to radiate someone they would have radiation poisoning after a time unless the person who knows what apart is taking it knowledgeable. he would probably kill himself before he could hurt anyone else. >> the authorities insist the missing cargo is suitably well protected. agency rnational energy aid at the
sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: why do people buy stock because of two-thirds of x or half of x. on that base alone they buy a stock. that's called bottom fishing in the stock market. >> rose: peter lynch is here. he is a legendary investor, a best-selling author, a philanthropist. for 13 years he ran fidelity's magellan fund with average annual returns of nearly 30%. from 1977 to 1990 it grew from $18 million in assets to $14 billion in assets. he retired at the age of 46. since then, he's dedicated his time and resources to giving away a large portion of his personal fortune. i'm pleased to have him back at this table. welcome. >> thank you. >> rose: see i've been wanting -- we had this wonderful interview and i would occasionally say whatever happened to peter sflifrj >> (laughs) >> rose: it's one of those things because -- and whatever happened to peter lynch is my question. >> people said he'll start his own fund, the a hedge fund. >> rose: he wants to do it on his own, he doesn't need the gratify dellty. >> small tra
. >> captioning sponsored by rose communications from our studios in new york city, this is charlie rose. et it fall, let there be work,b, god bless south africa, thank you. >> rose: the former president of south africa died today, he was 95, he was affectionately known by those closest to him was a man for all seasons, his life gave meaning to millions, he spent 27 years in prison for his fight for racial equality in south africa, after his release in 1990 he was awarded the nobel peace prize and served as president of south africa for five years. the power of mandela cannot be captured in the snapshot of his achievements, there was also the man himself, he was a quiet man in many ways, but with great power to influence, a father of six who is also the father of a nation, a country, and a philosophy. mandela was born in 1918 in a small village in the eastern cape of south africa, his work campaigning against a ruling national party's apartheid policies grew in the coming years. in 1963, he was brought to stand trial for plotting to over throw the government by violence. he famously said at
that the city of detroit will be able to reorganize its billions of dollars in debt, which means pensioners and other creditors could receive much less than they are owed. and spectacular pictures from italy where europe's active volcano is erupting again. it is the 19th time the mountain has thrown longer into the sky. there were no injuries, nor any need for evacuations, but a number of flights to the nearby airport were diverted. a russian dancer has been sentenced to six years in jail for his part in an acid attack on the artistic director of the bolshoi ballet company in moscow. he suffered severe burns and damaged eyesight as a result of the assault. james robbins has the story. >> the world's most famous ballet company. bolshoi literally means big. it employs over 200 dancers, and in good times, rings russia great precision -- great pressed each. rivalrywhen passionate turns into a salt. send to a penal colony for six years, convicted of an acid attack on the artistic director he blamed for favoring others for leading roles. the ex-convict hitman was given 10 years and the getaway dr
bodies in the capital city. >>> president obama urged the congress to extend the federal unemployment benefits. caring for the long term unemployed is one challenge and so is finding jobs for the young workers. their unemployment rate is in the mid teens and even higher than that among young minorities. for more about all of this, we are joininged by victoria stillwell. there was a recession in the '70s and a stock market crash in 1987 and jobs were scarce. what makes this so different for young americans compared to those times? >> the great recession was unprecedented. it exacerbated trends. we have been seeing unemployment for people aged 26 16 to 24 hig. but that spread has widened out. in the last recovery the pred between unemployment for young people and for everyone else was about 5 to 6 percentage points and now it is 7 percentage points. we have an unemployment rate that is double the national average. that's a problem. >> one of the things that is interesting about this. we are not talking about low income starter jobs. these are people getting ready to start their careers
and held rallies today in a number of cities, demanding better wages. organizers said they want $15 an hour. the current federal minimum wage is $7.25 an hour and was last raised in 2009. president obama has called for raising the federal minimum wage, but prospects for passage in congress are uncertain at best. an arctic blast kept the northern plains in the deep freeze today, and spread east and south. parts of north dakota expected wind chills of 40 below zero. in denver, the bitter cold had crews de-icing airliners early this morning. snow arrived before dawn in wichita, while oklahoma and arkansas faced a possible ice storm this evening. britain and northern europe are facing what could be their most powerful storm in years. at least three people died today, as hurricane-force winds swept out of the north sea. we have a report from liam dutton of independent television news. >> reporter: december. a time of year when you would expect the british weather to deliver it's worst and today it did. scotland bore the brunt of today's damaging winds with gusts of around 90 miles an hour hitti
. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> almost one in every four children in the united states of america lives in a state of poverty. that's an outrage. one way to think about it: of the top 35 industrial countries in the world, we have the second highest poverty rate. >> rose: stan drugen miller is here. for 30 years he maintained one of the best investment track records on wall street. he orchestrated a campaign at colleges across the country to educate and mobilize action on entitlement reform and other government spending. he says without a major overhaul soon today's young people will be robbed of the future benefits and standard of living they deserve. i am pleased to have stan druckenmiller at this table. welcome. >> good to see you. >> rose: can i just start with understanding you, you know, this remarkable record with duquesne and with quantum fund and george soros and the relationship you've had. you -- where are you in your life? >> rose: you mean what am i doing? >> yeah. >> i'm still moneying very actively
sponsored by rose communications from our studios in new york city, this is charlie rose. captioning sponsored by >> we begin our coverage with the death of nelson mandela wih the news by scott pelley. >> his mother named him holy sasha meaning troublemaker but later a teacher renamed his nelson. he moved to johanns percent. he joined the national congress in the early 1940's devoting himself then to peacefully ending apartheid. then in 960, 69 peaceful protester were killed by the police in the infamous massacre. mandela came to believe that the only recourse then was violence. >> it is useless for us to continue talking peace and non-violence against a government -- on defenseless people. >> he was arrested in 1962 and later sentenced to life for sabotage and conspiracy. he served most of his time on robin island, the alcatraz of south africa. his fellow prisoner said mandela never let his spirit die. >> he worked on the premise that he would live to see the victory. he accepted that he may not live to see the victory. but he did not doubt that the struggle would triumph. >> mande
sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: ron howard is here. he is an oscar-winning filmmaker. his new movie "rush" re@s a 1970 formula one rivalry between james hunt and his austrian opponent niki lauda. critics are calling it one of ron howard's personal best. here is the trailer for the film. >> you've changed, haven't you? >> yeah. >> who's that? >> it's nicki laud dashgs he's just been signed by ferrari. >> really? >> he's driving like an old man. >> what's the incentive? why would i go fast? >> because i'm asking you to. >> this is an incredible battle between these two great drivers! >> i know, i'm terrible. >> no, you're not terrible, it's just who you are at this point in your life. >> to be a champion it takes more than being quick. you have to really believe it. >> i've been ready for this my whole life. >> i can beat this guy, trust me. >> he's consistent, dependable. >> can he put his life on the line the day it matters? >> this is the racing grudge match of the decade. >> world champion niki lauda trapped in a sear
in new york city, this is charlie rose. >> rose: mandy patinkin is here. he is an emmy and tony award-winning actor. he is one extraordinary singer. he stars in the showtime series homeland as you know. as you also know his character sal, a cia director and the show some say moral center. here is a look at his performance. >>> saul. saul! >> rose: his iconic role as a spanish wordsman in rob reiner's film the princess bride has gained cult status. >> my name is monday toy avment you killed my father. prepare to die. >> he also a broadway veteran of more than 30 years and interpreter of stephen sondheim. i'm enormously pleased to have mandy patinkin back at this table. welcome. >> thank you, charlie. >> rose: you're just back from australia. >> yes. >> rose: doing what? >> i was doing a series of concerts there with my dear friend nathan gunn, the wonderful, glorious-- glorious opera singer who just started rehearsals today at the met for magic flute. and we did three concerts in australia, sydney, business done-- brisbon, melbourne and automaticland and did one there. it was fascinati
Search Results 0 to 40 of about 41 (some duplicates have been removed)